Elevators and Escalators Market

Rising Infrastructure Projects Bodes well with Growth in the Global Elevators and
Escalators Market
The global elevators and escalators market is dominated by several players. The rising
awareness about ecofriendly and green products has paved way for innovative
products in the global elevators and escalators market. Manufacturers are working on
developing energy-efficient elevators that can suit the requirements of green
buildings.
Further, manufacturers are also working towards introducing new range of products
suiting modern architecture and design. This is instilling fierce competition among
established players in the global elevators and escalators market. The prominent
players in the global elevators and escalators market include Otis, Hitachi, Kone,
Fujitec, and Mitsubishi.
The global elevators and escalators market is expected to grow at a CAGR of 7.4%
during 2017 – 2026 and will reach a total value of US$13.3bn by the end of 2026.
Several other factors are believed to augment growth of the market.
Geographically, Asia Pacific region will emerge as the leader of the global elevators
and escalators market in the coming years. Rapid development in countries like India
and China has resulted in immense growth in the number of infrastructure projects.
Among the different range of products, modern equipment will witness tremendous
growth as construction of new-age buildings are on the rise.
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Ease of Navigation and Speed of Movement will Drive Demand
Elevators and escalators are used in large numbers at airports, malls, railway stations,
and public places. They ease navigation in such large public places and also help
speed movement. Often, elevators are full in malls during weekends and holidays. To
manage the swelling crowds in such areas, malls install multiple escalators. At the
same time, the huge area of malls demand escalators at multiple points enabling
people to climb up and down floors easily. Such factors garner growth in the global
elevators and escalators market.
On the other hand, elevators are also equally important. Most malls have multiple
basements for vehicle parking. Since escalators cannot be installed in basements,
elevators are the best option for movement. Similarly in airports and railway stations
they are important not only to ferry disabled and senior citizens, but also to
transport luggage. These aspects bode well with growth of the global elevators and
escalators market. Moreover, to ease movement in airports, authorities have
introduced flat escalators that reduce the strain for people carrying hand luggage.
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Elevators and Escalators Market

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